Recovery Not as Strong as Previously Thought

The economy grew at a 2.2 percent pace in the third quarter, as the recovery got off to a weaker start than previously thought.

The Commerce Department's new reading for the July-to-September quarter was slower than the 2.8 percent growth rate estimated a month ago. Economists were predicting that figure wouldn't change.

The main factors behind the downgrade: consumers didn't spend as much, commercial construction was weaker, business investment in equipment and software was a bit softer and companies cut back more on inventories.